Accounting Question HELP!

On January 2, 2020, Chippewas Inc. purchased equipment from Michigan Industries to expand its production capacity. Chippewas issued an $800,000, 5-year, zero-interest-bearing note to Michigan for the equipment when the prevailing market rate of interest for obligations of this nature is 12%. Chippewas will pay off the note in five installments of $160,000, due at the end of each year over the life of the note. This equipment will be depreciated on a straight-line basis over ten years with no salvage value. Instructions: Prepare journal entries relating to the equipment and notes payable for all 5 years. Date Account Debit Credit Equipment Discount on